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Can we talk about people who live beyond their means? (pg. 7)
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| Dykes_on_Jay |
I've done it. Was depressed as hell until I decided to get off of my ass and create my own opportunities. When I hear people say that the economy is , the job market sucks and so on, it grinds my gears. The world won't change for you, change it for yourself.
I took a pretty big chance. It could blow up in my face, but if it works I will be set. Paycheck to paycheck is such a life. It's as simple as finding a need, then finding a way to fill that need. It isn't even easier said than done. Just ing do it.
Better to take a shot, fail, and have nothing, than to do nothing and have nothing. |
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| Nrg2Nfinit |
i'm pretty good with regards to living within my means, but its unfortunate that most people aren't.
My only real liability is my mortgage which i share with my gf and
i still have a maxed out rrsp, tfsa due to savings over the year.
the only real risks i take are market investing. It's pretty much made a significant dent in my rrsp account but i compensate with decent returns on my tfsa. I'm prepared to pay my mortgage with my earnings if interest rates go up as much as 18 percent without really changing my living style.
With regards to savings, what i'm guilty of (and really should modify my behaviour on) is spending money on outside food. This comes out to around 3 to 400 dollars a month for me, on top of on average 150 to 200 dollars worth of groceries.
tim hortons alone takes 50 dollars a month from me lol.
If i could perhaps shave off 200 from the 400, and spend an extra 100 on groceries, this could add up to more savigns which i can easily blow on the stock market without guilt. Or put towards a downpayment.
and with regards to mortgages i believe the highest you can get is 35 years in canada
that's what i'm on. The longer the amortization rate the more interest you end up paying (which is sometimes what the banks like if you are responsible with the debts). good thing about higher amort term is the cash flow you get. |
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| Dykes_on_Jay |
how do you only spend 200 a month on groceries? back home i would drop at least 150 a week.
edit: didn't they trim it down to 20 or 25 years this year? |
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| Nrg2Nfinit |
| quote: | Originally posted by Dykes_on_Jay
how do you only spend 200 a month on groceries? back home i would drop at least 150 a week.
edit: didn't they trim it down to 20 or 25 years this year? |
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yeah its 25 years maximum for insurable mortgages, that is mortgages with less than 20% down. If you are paying more than 20% down your mortgage amortization can go up to 30 years for a NEW mortgage.
see here:
http://www.cbc.ca/news/business/sto...-tightened.html
Since i've already signed up to a 35 year amortization, i will continue with that for the life of my mortgage. when i renew my rate i still deal with a 35 amort period.
So BTG is kind of right, but i think instead of 45, the maximum amortization period was actually 40 years.
So if you signed up with a 40 year amortization, you would still have a 40 year amortization, even if you renewed today.
so amortization you signed up with stays with you for the life of yoru mortgage. Rates, however, change on renewal based on your rate term. If you have a 5 year fixed at 2.86, after 5 years you will have to renew that percentage BUT the amortization originally negotiated stays constant
with regards to groceries, costs are shared between me and GF. so she probably spends another 200 bucks. LOL, you're making it sound cheaper to stick to outside food.
I think for 2 people 4 to 500 a month should be sufficient expenditure for groceries no? |
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| Vivid Boy |
sometimes i rent lambos and take pictures of me driving them, post it on fb and pretend i own them, just to piss off the people i have on fb from highschool
I also bug drake to take photos with me, and photoshop jay-z in with us |
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| Dykes_on_Jay |
| I like to eat good food. I cheap out on other things. Here it costs me like 50 a week. Dirt cheap. I also love cooking, which means no KD. |
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| LoveHate |
money was made for you to spend it.
buy that new sweater that you want.
saving.
i like the finer things in life. |
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| Dykes_on_Jay |
| If a sweater represents the finer things in life to you, you have no ing clue what the finer things are. |
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| LoveHate |
| or that pair of jeans. |
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| Omega_Blue |
| quote: | Originally posted by Dykes_on_Jay
how do you only spend 200 a month on groceries? back home i would drop at least 150 a week.
edit: didn't they trim it down to 20 or 25 years this year? |
easily done if you're a single bachelor and manage your money correctly (i.e. cut the junk food cuz that's usually the most expensive stuff, avoid the grocery deli again due to cost, buy the budget name instead of the brand name, ramen and bologna etc lol). when i first moved out at age 18 i spent about 30-35 bucks a week on food. it was plenty for my schedule of working 2nd shift 40 hours and going to uni in the morning, and i ate pretty well i'd say. bread, sandwich fixen's, frozen pizzas, breakfast stuff, snacks, juice, eggs, ramen. that was plenty
(i don't drink milk, usually. unless it's in cereal) |
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| Omega_Blue |
also, i kinda see what lovehate is trying to say and i agree. yeah i'm all about saving especially for those unexpected emergencies, and having a comfortable nest egg for whatever, but conversely i also refuse to hoard money; i think one of the biggest wastes is seeing people save up a crap ton of money and then die and not be able to enjoy it. i mean, you bust your ass 40+ hours a week, grinding it out day-in and day-out, you deserve to enjoy the fruits of your labor.
so will my kids get an inheritance? meh, that's to be seen. i think spending the over (i'm guessing) 6 digits worth of money on raising a little bastard throughout their college years is enough. i know i personally don't care if my parents leave me anything (though i guess they have); i'd rather have them spend that money on themselves. they deserve it, and they've done enough for me already to where i could never thank them enough or pay them enough to square it up. |
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| Lunar Phase 7 |
| quote: | Originally posted by Omega_Blue
also, i kinda see what lovehate is trying to say and i agree. yeah i'm all about saving especially for those unexpected emergencies, and having a comfortable nest egg for whatever, but conversely i also refuse to hoard money; i think one of the biggest wastes is seeing people save up a crap ton of money and then die and not be able to enjoy it. i mean, you bust your ass 40+ hours a week, grinding it out day-in and day-out, you deserve to enjoy the fruits of your labor.
so will my kids get an inheritance? meh, that's to be seen. i think spending the over (i'm guessing) 6 digits worth of money on raising a little bastard throughout their college years is enough. i know i personally don't care if my parents leave me anything (though i guess they have); i'd rather have them spend that money on themselves. they deserve it, and they've done enough for me already to where i could never thank them enough or pay them enough to square it up. |
I do agree with this. |
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